Skip to content

European Gas Has Third Weekly Rise as Supply Worries Deepen

  • Freeport LNG partial restart pushed back further to October
  • Futures rise as much as 6.1% Friday to highest since March 10
Freeport LNG, Texas.

Freeport LNG, Texas.

Source: Businesswire

Updated on

Natural gas prices in Europe had the longest streak of weekly gains this year as a prolonged shutdown of a key export facility in the US further tightens a market that’s already reeling from Moscow’s supply cuts.

Benchmark futures rose as much as 6.1% to advance for a third week. The Freeport LNG project now plans to resume partial operations in October, a month later than previously expected. It’ll put further strain on European companies and governments to secure enough supply to fill storage sites in time for winter, while continuing to fight off the risk of blackouts.